The U.K.’s highest court has done away with the “corporate veil” and “cheats’ charter.” Read more »
London
In less than three short months, London futures traders will have direct, local access to the CME Group’s vaunted technology platform. Read more »
Do you live in London or Hong Kong, Tokyo, Singapore or another Asian financial capital? Do you want to write about the financial industry there, for Dealbreaker? Great news! We are looking for correspondents in both regions. If this sounds like something that might be interesting to you, send us an email describing who you are, what you’d like to write about, and why you’d be good at it.
If This Credit Trading Thing Doesn’t Work Out, Citi Employees In London Have A Career In Gift Wrapping To Fall Back On
By Bess Levin
Behold the amazing attention to detail that was brought to wrapping the desk of a colleague, who showed up late the day after group holiday party. The mouse! The stapler! The tight, clean corners on the monitors!
More cuts at the House of Dougan, on top of the ones in Russia, were said to have gone down today. Read more »
If You Think You Were Unfairly Fired From Your Banking Job And Work In The UK, You’ve Got Two Options
By Bess Levin1. Get over it. 2. Get over it. UK judges couldn’t give less of a fuck. Read more »
Employees are said to be expecting something resembling a massacre tomorrow around 10 or so, depending on when people roll into the office. Read more »
Relatedly, Goldman is looking to increase its ranks of junior mistmakers. Read more »
Repentant British Banks Forcing Clients To Transport Themselves To Olympics, Stay In What Is Basically The Equivalent Of Motel 6, Drink Olde English
By Bess Levin
A four-star shit hole.
Time was, working on Wall Street meant going to great lengths to lavishly entertain clients whose business you wanted to win or keep. Client wanted to party on a yacht with forty Brazilian hookers? You made it happen. Client wanted Jay-Z to perform at his son’s Bar Mitzvah? You were on it. Client wanted you to manipulate Libor while simultaneously hand feeding him grapes? All you wanted to know was red or green.
Whatever they wanted you delivered and then some and the best part was nobody said anything about it. Nobody judged, nobody protested, nobody wondered if flying to Hyōgo Prefecture to personally slaughter a cow and bring it back with you in business class so the client’s dinner would be fresh was the best use of company money. Then you nearly take down the global financial system and have to be bailed out by the government and all of a sudden it’s like people think they have the right to count your (or in the case of banks still partially owned by the UK, their) money.
So you scale back the big outings. You make less of a spectacle. Should’ve be enough to get ‘em off your backs, only it’s never enough with these people. They’re not happy until you’re taking clients to Applebee’s and suggesting getting one appetizer and splitting an entrée, or inviting them to major international sporting events and then denying them black car service, putting them up in relative dumps, and making them drink malt liquor. Which is more or less what one bank is doing. Read more »
Post LiborGate, Area Investment Advisor Doesn’t Think He’s Being Extreme In Suggesting We Relaunch The Revolutionary War
By Bess LevinAs long ago as June 2008, New York Federal Reserve President Timothy F. Geithner was warning the Bank of England that letting bankers set the benchmark interest rate for global finance was open to abuse. Governor Mervyn King’s failure then to take greater responsibility for Libor now poses a new threat to London’s drive to rival New York in the battle for a larger share of a shrinking international financial industry. “As a company, we now avoid London,” said David Kotok, who manages about $2 billion as chief investment officer at Cumberland Advisors Inc. in Sarasota, Florida. “It’s tarnished. Passing the buck to others, shirking responsibility and avoiding accountability characterizes the people at work there.” [Bloomberg via Heidi Moore]
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JPMorgan Flogging
Representative Carolyn Maloney: Why Didn’t You Lose Billions Of Dollars In New York? What’s London Got That We Don’t?
By Bess Levin
“Mr. Dimon, I thought you loved New York. Why did all this activity take place in London?”
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